Business

Wasserstein buys back law titles for $417M

Seven years after “Bid ’em Up” Bruce Wasserstein sold the American Lawyer Media group for $630 million, the late billionaire’s namesake firm is buying it back at a steep discount — and is on the prowl for more media deals.

Current owners Apax Partners and the Royal Bank of Scotland are fetching only $417 million for ALM, owner of the American Lawyer, the National Law Journal, the New York Law Journal, Law.com, and other titles, according to sources.

“It is very highly likely you will see other acquisitions in the next several years,” said Anup Bagaria, co-managing director of Wasserstein & Co., which conducts buyout investment activities through the Wasserstein Partners family of funds.

“Hopefully we will be active in buying things and growing the company,” Bagaria said.

Wasserstein is heading up an investment group that includes the Ontario Pension Board, Pantheon, the Honeywell Pension Fund and HighVista Strategies.

Currently, ALM employs 700 workers and revenues are estimated to be about $200 million with a healthy operating profit of about $50 million.

“Unlike most b-to-b [business to business] companies, most of ALM’s content is paid for,” said Bagaria.
Bagaria expects current management, headed by Chief Executive Bill Carter, to remain in place after the deal is finalized.

Financier Bruce Wasserstein died suddenly at the age of 61 in October 2009.

Bagaria is chief executive of New York Media, one of the prize properties that Wasserstein bought before he died.

He added the Wasserstein Family Trust, which owns New York magazine, is not part of the investment fund that is buying ALM.